Ethics and sustainability
Factors influencing finance choices
Ethics and regulation
Features of information and advice
Transparent- must be clear and not hiding anything
Sufficient but not too complex- enough information so customer has a clear idea
Up to date- information given must reflect the current price and terms of the product
Timely- information should be made available as soon as possible
Accurate- the description of the products and its terms of conditions must be up to date
Original want or aspiration
Feasibility of access to a financial product to fulfil the want or aspiration
Information sources
Personality
Price and product features
Reputation of the provider
The statutory objectives of the FCA are to protect consumers, to enhance the safety and soundness of firms, and to protect insurance policy holders
If providers do not comply with the rules that are set they may be fined
A provider may behave unfairly to a group of customers but not be breaking any rule simply because no such rules exists. Financial transactions have certain implications beyond the interests of a bank's customers as they affect the interest of other stakeholders.
Examples of unfair treatment are banks making charges that are out of proportion for the product, an adviser selling a product not suited to their needs and concealing information
Providers need to consider the effects of their business and of their decisions on stakeholder groups other than shareholders and top directors
Customers
communities within their own country
the environment
disadvantaged groups in other countries
employees
Sustainability is about the way we live now and in the long term. It involves taking steps to ensure that the present standards of living enjoyed by people in developing countries can continue into the future.